The largest quarterly options expiry of 2025 just wrapped up, and Bitcoin markets felt the impact.
Deribit, the leading crypto derivatives exchange, shattered records by hitting over $40 billion in open interest for BTC options ahead of the June 27 expiration, according to The Block’s data dashboard.
Total open interest across all platforms briefly exceeded $45 billion, with Deribit alone handling nearly 90% of that figure—cementing its dominance in crypto options trading. Roughly 139,000 BTC contracts, representing about $15 billion in notional value, expired in this record-breaking session.
The put–call volume ratio settled at 0.75, indicating a bullish tilt among traders. Meanwhile, the max-pain price—the level where options buyers lose the most—was pinned at $102,000. This level often acts as a gravitational pull for prices during expirations.
Ether didn’t sit out the action either. Around 939,000 ETH contracts expired, equivalent to $2.29 billion in value. With a put–call ratio of 0.52, sentiment also leaned bullish for ETH, while the max-pain level was identified at $2,200.
This milestone comes just months after Coinbase announced its $2.9 billion deal to acquire Deribit, signaling its intent to capture the growing appetite for crypto derivatives in the U.S. market.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/massive-bitcoin-options-expiry-on-deribit-signals-investor-optimism/